Every era brings with it new innovations, and while AI represents the biggest tech leap of our time, it is not the only one. Another area piquing plenty of investor interest right now is the futuristic world of flying taxis – or, as the industry refers to them, eVTOL (electric vertical take-off and landing) aircraft.
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The idea behind flying taxis makes complete sense when you think about it. They offer the promise of shortened urban trips by skipping traffic and flying straight to where people need to go, thereby significantly reducing commute times.
Gazing up at the skies right now won’t reveal any flying taxis coming into sight, however, as none are certified to do so yet, but that day is not far off. Several companies are already preparing for that moment and going through the various stages of the certification process.
Goldman Sachs analyst Anthony Valentini is monitoring this emerging space and identifies where the best opportunities may be found.
“Advancements in technology and the current administration’s desire to return manufacturing back to the US provides increased visibility into certification timelines for the EVTOL industry,” Valentini explained. “Competition is fierce, but we don’t see a winner takes all market. We prefer aftermarket rich models, that are vertically integrated, have visibility into revenue generation, and have capacity to meet significant future demand.”
With this in mind, Valentini has initiated coverage on 3 of the leading flying-taxi names and reached different conclusions on each. One of them ultimately emerges as Goldman’s top flying-taxi stock to buy now. We’ve decided to take a closer look and have opened up the TipRanks database to get a fuller view of their prospects.
Archer Aviation (ACHR)
First up is Archer Aviation, the 2018-born disruptor racing to get its Midnight eVTOL into commercial skies. The company already has a production foothold in San Jose, California, where it can turn out about two dozen aircraft a year. But the real leap comes from its new Covington, Georgia, facility, which is being built out to handle up to 650 units annually.
Beyond sheer scale, the location offers a strategic advantage – it’s just a short distance from the FAA’s Atlanta Aircraft Certification Office, enabling frequent on-site collaboration as Archer advances through the regulatory gauntlet. As of 2Q25, the company has completed about 15% of FAA Stage 4.
Because FAA certification is still pending, eVTOLs cannot yet be used commercially in the United States. Archer has taken a practical approach to certification, recognizing that the process is demanding and that the FAA faces considerable risk in approving a new type of aircraft. To hedge against possible delays, the company has introduced its “Launch Edition” strategy, which involves selling aircraft to international customers before receiving FAA certification.
Archer also announced a partnership with Anduril in December 2024 to develop hybrid VTOL aircraft for military use. Details remain limited because of the classified and fast-changing nature of the Department of Defense, but the companies said they plan to build a hybrid-propulsion VTOL aircraft aimed at a potential future program of record for the US DoD.
Moreover, Archer has been selected as the exclusive air taxi partner for the LA28 Olympics. The company has put down roots in the Los Angeles urban air mobility network by acquiring Hawthorne airport in November, which will serve as its takeoff-and-landing hub with full amenities.
Sizing up Archer’s value proposition, Valentini takes a balanced view of the company’s prospects.
“The company’s approach to outsourcing has accelerated its certification despite being in existence for fewer years than competitors,” Valentini said. “Its aircraft’s size may mean it is the most capable. However, its lack of vertical integration means less aftermarket, and we believe lower margins. Its partnership with Anduril could prove to be the best defense offering in the industry, but without visibility into funding, it is difficult to underwrite.”
As such, Valentini rates ACHR shares as Neutral, although his $11 price target points toward 12-month returns of ~44%. (To watch Valentini’s track record, click here)
The rest of the Street is more bullish than Goldman Sachs. ACHR has picked up 4 Buys and just 1 Hold from the analysts covering it, earning a Strong Buy consensus. And with an average price target of $12.40, they’re projecting the shares could trade 62% higher in the year ahead. (See ACHR stock forecast)
Joby Aviation (JOBY)
Next up is Joby Aviation, which has been at this longer than anyone else. The company got its start back in 2009, and that early jump shows. Joby has racked up more than 40,000 eVTOL miles, and its S4 has more flight hours than any other aircraft in the category. It’s a bit smaller than some rivals, and the company keeps its payload numbers under wraps, but the flight record speaks for itself.
Joby is also out front on the certification side. It’s currently the closest in the industry to securing a full FAA Type Certificate. That process runs through five review stages, and Joby has pushed further than the rest, already reaching 77% of Stage 4.
The company operates a facility in Marina, California, capable of producing 24 units per year, along with a site in Dayton, Ohio, targeting peak output of 500 units per year. Joby is fully vertically integrated, which provides control over the supply chain, potential aftermarket revenue as deliveries grow, and long-term cost benefits. The trade-off is that every component is newly developed and unfamiliar to the FAA, which complicates certification and increases upfront R&D and labor needs.
Also standing in its stead, the firm boasts a partnership with Toyota, which offers several advantages. As the world’s largest automaker, its manufacturing scale and expertise should provide support once it obtains certification. Toyota has also funded Joby in the past and could help if additional capital is needed. However, this relationship might limit Joby’s defense work, since draft terms of the collaboration indicate that the company would need Toyota’s written approval before entering or adjusting certain government contracts.
For Goldman’s Valentini, the positives here are not enough to get excited about, as there are too many potential pitfalls involved.
“JOBY is the oldest company in the space with the most flight hours and a lead in certification,” he said. “It is focused on being a one-stop shop (OEM, supplier, operator) which means it has the largest market opportunity, but we believe the operator model will have regulatory hurdles and significant capital requirements. The weight/payload of the aircraft has been debated and capacity is currently limited, which makes us question the value ascribed to the lead in certification. The stock trades at a significant premium, which we don’t believe is justified.”
Accordingly, the Goldman analyst kicked off coverage on Joby with a Sell rating and a $10 price target, suggesting the shares are overvalued by ~28%.
As for the rest of the Street, the picture tilts more neutral. 4 Holds, 1 Buy, and 2 Sells combine for a Hold (i.e., Neutral) consensus rating. Going by the $14.40 average target, the shares will appreciate by a modest 4% over the next 12 months. (See Joby stock forecast)
BETA Technologies (BETA)
Rounding out Goldman’s list is BETA Technologies, founded in 2017 and taking a slightly different path to market. Instead of going straight for eVTOL approval, BETA is first working to certify its CTOL aircraft – essentially a standard electric airplane. Since about 80% of the requirements for eVTOLs overlap with CTOL standards, starting here gives the company a quicker, cleaner path through the regulatory maze.
The plan is to secure CTOL type certification by late 2026 or early 2027, then follow up with eVTOL approval about a year later. By leading with the CTOL, BETA can start generating revenue sooner, build trust with customers, fine-tune its manufacturing, and scale up production – all while continuing the push toward full eVTOL certification.
BETA operates a facility in Burlington, Vermont with capacity for 300 units a year and is expanding it to reach 600 units annually.
Like Joby, the company is fully vertically integrated and sells components such as motors and chargers to competitors, giving it the highest share of aftermarket parts in the sector. Because BETA does not plan to operate its own aircraft (unlike both Archer and Joby), more of its units will be flown by third parties, increasing aftermarket exposure. It has also developed its own batteries, motors, and charging stations, which are being incorporated into other manufacturers’ aircraft.
This vertical integration and focus on OEM and aftermarket sales opens up a big market opportunity. Since eVTOL aircraft will need battery replacements roughly every 10–20 months, battery revenue over time is expected to exceed the initial OEM sale, creating a durable recurring revenue stream. BETA estimates the OEM market at $250 billion and the aftermarket at $750 billion.
The company is also well funded. In November, BETA raised $1.1 billion through its IPO and has brought in another $545 million year-to-date from investors including GE Aerospace.
Off all the names vying for supremacy in the space, Valentini sees the most pronounced opportunity in this newly listed stock.
“Its step wise approach to certification with its CTOL aircraft brings forward revenue and accelerates the learning curve, without sacrificing the EVTOL timeline. BETA is an aircraft OEM and parts supplier, the most attractive business models in aviation. It has partnered with GE to build a hybrid vehicle for defense, and has taken a team approach to selling motors and chargers to competitors, which will help it scale. We believe BETA is best positioned, and the recent selloff provides an attractive entry point.”
To this end, Valentini initiated coverage of BETA with a Buy rating and a $47 price target, indicating the stock has one-year upside potential of ~66%.
5 other analysts join Valentini in the BETA bull camp while 1 Hold can’t detract from a Strong Buy consensus rating. Going by the $37.43 average target, 12 months from now, the shares will be changing hands for a ~32% premium. (See BETA stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.